How do You Protect Your Business from Cyber Threats? A Virtual CISO May be the Answer

Cyber-attacks are a rising threat as a single security incident can destabilize or even bankrupt a small or medium sized business (SMB). While attacks on all companies occur at a rate of 1 every 39 seconds, many SMBs consider themselves less enticing targets than large companies, but that’s a dangerous misconception.

In reality, SMBs are preferred targets for many hackers due to a lack of preparedness. Only 14% of SMBs are fully prepared to ward off attacks. Many operate below the Cybersecurity Poverty Line, meaning they do not have effective cyber defense capabilities, and cannot afford an expert Chief Information Security Officer (CISO) and other resources needed to mount an effective cyber-defense.

In response, SMBs are increasingly turning to virtual CISOs to develop and implement sound cybersecurity strategies and protocols.?A vCISO can be contracted at a fraction of the cost of a full-time CISO, yet provide the expertise and execution needed to protect SMBs from potentially catastrophic cyber threats.

If your company is like most, you’re becoming increasingly dependent on digital technology to run your business. And as your dependence on technology grows, your business becomes an enticing target with a bigger attack surface for security breaches, hacks and other cyberthreats.

Cyberthreats are increasing in frequency, sophistication and even in the types of companies they target. Whereas small and medium sized companies (SMBs) once appeared to be largely safe from attacks, many hackers have pivoted from large companies to smaller ones that have less security and may not even consider themselves targets due to their size.

Clearly, all companies need a defense strategy to defend their systems, data and their entire business from these threats. And you may need to be creative operationally and financially to reach a solution that protects your business.

Some Cyberthreat Stats

It’s not exactly breaking news that cyber-attacks are a widespread problem that is getting worse every year. In fact, a cyberthreat occurs somewhere in the world every 39 seconds. That’s 2,200 every day and over 800,000 every year.

The cost of attacks increases every year as well. The average cost of a data breach in the US rose to $9.44 million in 2022. The worldwide cost of cybercrime exceeded $8 trillion in 2022 and is projected to grow at a rate of 23% annually through 2027. Financial gain is the primary motivator and drives 86% of all attacks.

It’s a Race to Stay Ahead of the Bad Guys

What’s even worse is that the bad guys are getting better at it. Cybercriminals are becoming more sophisticated and innovative, and constantly finding new ways to breach systems, steal data, or crash operations.

As one type of threat is blunted, they come back with a different tactic.?When businesses learn how to defeat one kind of attack, hackers invent a new one. As cyberattacks become more sophisticated and harder to detect, businesses must up their game and implement newer and more effective defenses.

Businesses are running a race to stay one step ahead of the bad guys. And it's a race that most can’t afford to lose.

Hackers Have SMBs in Their Sights

While Hackers have historically preferred targeting big companies, many are now focusing on SMBs. By now, most big companies have invested heavily in cybersecurity and made it harder for bad actors to penetrate their defenses. They typically have full-time CISOs and dedicated staff to implement and maintain comprehensive security protocols and thwart attacks.

SMBs, on the other hand, are often considered “soft targets”. Many have lax security, as 50% have no security plan at all, and only 14% are fully equipped to defend attacks. 60% of small business owners consider their businesses too small to be targets of an attack.

The Cybersecurity Poverty Line

The Cybersecurity Poverty Line is a useful way to understand the divide between businesses with effective cyber defense capabilities and those without.?While a number of factors can influence whether a company sits above or below the line, economics is the key determining factor.

Fending off cyberthreats requires expensive resources including technology and expertise. Companies above the line are able to invest in the resources including what may be the most critical one, a top-notch CISO.

Companies below the line often can’t afford a full-time CISO or in-house staff to implement and maintain an effective cyber defense. But given the potential risks to their business, ranging from a tarnished reputation to financial disaster, most can’t afford to simply do nothing.

For many businesses, hiring a virtual CISO is the best solution. A vCISO can bring the expertise needed to repel cyberthreats and keep a business protected, but at a cost that SMBs can afford.

A Virtual CISO or vCISO May Be the Answer For Your Business

A vCISO can be an ideal solution for businesses that can’t afford the cost of hiring a high-level full-time CISO. In practice, a vCISO is a fractional C-level executive and/or team provided by an MSP provider. They deliver much-needed security expertise at an affordable price and can scale as requirements dictate.

Their duties map to those of a traditional in-house CISO and include developing, deploying and maintaining a comprehensive security strategy. Additionally, they often provide reporting, governance, and compliance management. They can also help recruit staff, participate in security solution selection and direct mitigation efforts should a breach occur.

Advantages of vCISOs

Adding a vCISO to your team brings numerous advantages to your business beyond cost savings, including:

●??????Provide an objective, outside perspective - As an outsider, a vCISO is often better able to identify risks and devise strategies to mitigate them.

●??????Manage compliance with industry regulations - If your business must comply with industry-specific regulations, a vCISO is invaluable. They can navigate complex regulations and ensure compliance.

●??????Improve your cybersecurity posture - Perhaps most importantly, a vCISO should vastly improve your cybersecurity and make your business much more secure.?

In Summary

Many businesses face a quandary when trying to balance the need to defend against potentially disastrous cyberthreats vs. budgetary restrictions. While the expertise of a CISO is needed, a CISO salary can easily reach into the hundreds of thousands. Hiring a vCISO is often the best solution, especially for SMBs with limited funds.

K3 Technology is Your Go-to Source to Hire a vCISO:

For most companies, partnering with an expert IT solutions provider like K3 Technology is the most direct path to finding a vCISO. Our Virtual Chief Information Security Officer offering delivers the expertise your business needs to fend off cyberattacks at a fraction of the cost of a full-time CISO and dedicated staff.